Latest news with #UniSuper
Yahoo
15 hours ago
- Business
- Yahoo
$3,000 superannuation boost coming for Aussies from July 1: 'Huge difference'
Superannuation will soon be paid on the government's parental leave payments. The change means Aussies could receive nearly $3,000 extra into their retirement fund, which could make a 'huge difference' over time. Parents with babies born or adopted after July 1 will receive the additional superannuation payment when they receive paid parental leave. This will be 12 per cent of their payment, in line with the super guarantee rate increase. UniSuper senior private client adviser Melinda Brown told Yahoo Finance the changes also coincided with paid parental leave increasing from 22 to 24 weeks. It will increase again on July 1, 2026, up to 26 weeks. RELATED Devastating superannuation tax reality hitting 50,000 Australians in growing trend Centrelink age pension changes coming into effect from July 1 $1,000 ATO school fees tax deduction that Aussies don't realise they can claim 'At the minimum wage and with the super contribution of 12 per cent, that's nearly $3,000 that's going to be put into their superannuation,' she said. 'Compounding over a number of years, it is going to make a huge difference. Especially as we know that women generally retire with 25 per cent less in superannuation than men.' Paid parental leave is based on the minimum wage, which will increase by 3.5 per cent to $24.95 per hour, or $948 per week, on July 1. The move is expected to improve the retirement balances of around 180,000 Australian families each year. In Australia, WGEA data found 68 per cent of employers offer access to paid parental leave on top of the government scheme. The majority (87 per cent) who offer paid parental leave also pay superannuation for parents while they are on leave. For workers who don't, Brown said it can be worth asking your employer if they will pay super during your leave. 'The more an employer is asked this question, the more they may decide to think about actually paying super on parental leave,' she said. If you are eligible for parental leave pay, the Australian Taxation Office (ATO) will pay a super contribution directly to your super fund. This is called the Paid Parental Leave Superannuation Contribution (PPLSC). If you share your parental leave, each parent will get the super contribution based on how many days they use. It will be paid automatically after the relevant financial year ends, starting from July, 2026. Brown said it was important for parents to take proactive steps to prepare their super before they go on parental leave. That includes checking your insurance, as inactive super accounts may lose cover unless you elect to keep it. 'That can happen if it's been over 16 months since you've had a contribution,' Brown told Yahoo Finance. 'So you can actually ask your super fund. There's usually a form where you can just elect to ensure that you do keep that cover.' It can also be worth considering voluntary contributions before or during your leave to help grow your super, or spouse contributions or splitting. 'At the end of each financial year, you can split the super contributions received from the employer so your concessional contributions, you can split to your spouse if you wish,' Brown said. "It's up to 85 per cent of the concessional contributions. So they do allow for the 15 per cent contribution tax, and it's also limited to the concessional cap.' If you have multiple super accounts, it could also be worth consolidating them to save on fees. You can get this through myGov. It may also be worth considering your investment mix and getting financial advice tailored to your circumstances. 'A lot of super funds these days do provide limited advice at no extra cost to you. So it can be a really good time to have a chat to your super fund about what services they can help you with,' Brown pour accéder à votre portefeuille
AU Financial Review
4 days ago
- Business
- AU Financial Review
UniSuper invests $500m in new ASX hedge fund
UniSuper, one of Australia's largest industry funds, has given First Sentier Investors' quant business $500 million to launch a hedge fund that invests in ASX 300 companies. RQI Investors, which oversees around $25 billion of assets and use mathematical models and computer algorithms to make investment decision, launched the fund just before the US President Donald Trump upended financial markets on April 2.
Bloomberg
03-06-2025
- Business
- Bloomberg
UniSuper Turns to Cash to Navigate Market Ructions
Hello, Rich Henderson in Bloomberg's Melbourne bureau with the latest headlines... Today's must-reads: • UniSuper ramps up cash holdings • Demand for Aussie bonds falls • Australia cracks down on crypto ATMs UniSuper is ramping up its holdings of cash to navigate market uncertainty. John Pearce, chief investment officer of the A$149 billion fund, said its cash holdings were approaching Covid 19-era levels as Donald Trump's trade war roils global markets.
Bloomberg
03-06-2025
- Business
- Bloomberg
Cash Is Key Trump Trade for $96 Billion Australian Pension Fund
One of Australia's largest pension funds, UniSuper, is ramping up its cash holdings to near Covid 19-era levels as President Donald Trump's trade war roils global markets. John Pearce, chief investment officer of the A$149 billion ($96 billion) fund, called cash the 'only risk-free investment' and said his firm was wary of the risk that a rise in US inflation could hit both stocks and bonds simultaneously.
Yahoo
22-05-2025
- Business
- Yahoo
$500 ATO cash boost that Aussies have weeks to claim: ‘Hard to beat'
Millions of Australians have just weeks left to secure a free $500 from the government. The cash boost is from the government's superannuation co-contribution scheme and needs to be done before the end of the financial year. The government scheme allows eligible lower and middle-income Australians to top up their retirement savings by partially matching individual after-tax contributions. The government can give you up to $500 if you add in $1,000 yourself, making it a 50 per cent return. UniSuper state manager of advice Derek Gascoigne told Yahoo Finance that Aussies needed to leave enough time for their personal contribution to go into their super fund before June 30. RELATED Superannuation change to give Aussie workers pay rise in weeks: '$29,000 boost' Forgotten ATO deductions that can boost your tax refund by $974 Common $358 a day expense the ATO lets you claim on tax without receipts 'Doing it on the 30th of June doesn't guarantee that the contribution will register in their account on that day to qualify them for the co-contribution,' he said. 'Definitely not leaving it until the last minute is probably the best advice I can give. Deadlines vary from fund to fund, but doing it at least a week or two beforehand should ensure that the contribution will fall safely into the bucket for this financial year.' Gascoigne said the 50 per cent return was 'pretty hard to beat' anywhere else. When compounding is taken into account, the move could make a 'significant' difference to your retirement savings. If you are an eligible low or middle-income earner and make a personal non-concessional after-tax contribution to your super fund, the government will make a 50 per cent co-contribution of up to $500. The co-contribution you receive depends on your income and how much you contribute to your super. You need to earn $45,400 or less for the 2024-25 financial year to be eligible to claim the full $500 amount and contribute $1,000 to your super. You can still get a contribution if you earn up to $60,400, but the amount you can claim will progressively reduce as your income increases. 'The contribution itself slowly diminishes once that person's income reaches $60,400, where it cuts out altogether,' Gascoigne told Yahoo Finance. 'So there's less benefit for someone to do this when they are a lot closer to $60,000 than $45,000.' For example, someone earning $50,000 would be eligible for a maximum co-contribution of $347. That means they would only need to contribute $694, double the $347 co-contribution, to get the maximum benefit. You can use the ATO's calculator to estimate your entitlement and eligibility. To get the government co-contribution for this financial year, you need to make a personal non-concessional contribution to your super fund by June 30. That's contributions from your take-home pay, not contributions made by your employer, salary sacrifice contributions or contributions that have been claimed as a tax deduction. When you lodge your tax return, the ATO will automatically work out if you are eligible and pay the amount directly into your super fund. The ATO said it makes most super contributions between November and January each year for personal contributions made in the previous financial year. Gascoigne said the super co-contribution was an 'attractive' scheme, particularly for younger people. However, it's worth remembering that once you put money into your superannuation, you won't be able to access it until you hit retirement age. 'If you're a 30-year-old and the earliest age at which you can access your super under normal circumstances is 60 if you cease employment, that's 30 years that you're putting that money away,' Gascoigne said. 'From a saving and investment perspective it's amazing, but from a liquidity and funds point of view it obviously has a few knobs on it for some people because there's so many other things that might demand that they have that money ready.' If you are worried about making a big upfront contribution, Gascoigne said you could consider making automated smaller contributions. For example, you may not miss smaller $20 contributions made on a regular basis and this could add up to $1,000 by the end of the year. 'You can get that $500 and rinse and repeat for the following year, hopefully,' he while retrieving data Sign in to access your portfolio Error while retrieving data
